Ernst & Young set to lose Weir Group audit
The Weir Group is expected to put their audit out to tender in 2017. The FTSE 100 engineering company announced they expect to start the tender process in order to comply with the new UK and EU guidance.
Ernst & Young have been the FTSE 100 engineering company’s auditors since before its stock market listing in 1946. The Weir Group announced in its annual report that intends to tender the audit.
Under the new rules introduced by the UK Competition Commission, FTSE 350 companies must now allow audit firms to compete for their audit work at least once every ten years, with organisations that tender less frequently than every five years being forced to report in which financial year audit engagements will be put out to tender. Read more in our previous blog Competition Commission delays audit reform consultation by up to 6 months
Additionally the EU are introducing new audit rules in which mandatory firm rotation will be introduced and under these rules the Weir Group would be required to change their auditors within six years from July 2014. Read more in our previous blog Preliminarily agreement reached on the EU audit reform
EY earned £2m in audit and assurance fees last year from the Weir Group.
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